Announcements

Sudar Industries Ltd has informed BSE that Mr. Nishant D. Phadtare Company Secretary and Compliance Officer of the Company has resigned from the position of Company Secretary` & Compliance Officer with effect from the closing of business hours on August 11 2016.

Sudar Industries Ltd has informed that M/s. Mukesh Mehta & Associates Chartered Accounts Mumbai and M/s. Suresh Hegde & Company Chartered Accountants Mumbai has offered to step down from the office of Statutory Auditors of the Company due to non-payment of statutory audit fees for the financial year 2015-16.ln view of the above Company further wish to inform that the Company has been declared as Non Performing Assets (NPA) by the Consortium Lenders and consequently physical possession of all the assets of the Company has been taken over by them. Due to this the Company is not in a position to generate any revenue which is resulting in loss and adverse cash flow situation. Also Company is undertaking Corporate Debt Restructuring (CDR) program to overcome this situation as soon as possible.Due to non availability of sufficient liquidity the Company is not in a position to pay fees remuneration salaries etc. to the professional persons/employees employed by it. Due to non-payment of remuneration and sitting fees following directors have tendered their resignation from the Board of the Company w.e.f. January 06 2016:1 .Mr. M. G. Subramaniam - Executive Director2.Mr. Gopi NairExecutive - Director3.Mr. Satish Shenoy- Chairman & Independent Director4 .Mr. Anand Kadam - Independent DirectorFurther due to non payment of remuneration the Company Secretary of the Company has offered to resign from the position of Company Secretary.Due non payment of salaries to employees/CS or fees to statutory auditors the said people are reluctant to perform their duties. Company further wish to inform that though the Company is in the process of appointing another Statutory Auditor we may not be in a position to file Audited Financial Statements for the financial year 2015- 16 within 60 days from the end of the financial year i.e. by May 30 2016 as the statutory auditors are not inclined to conduct the audit and sign the financial statements due to non payment of their statutory audit fees.

Sudar Industries Ltd has informed BSE that Mr. Nishant D. Phadtare Company Secretary and Compliance Officer of the Company has resigned from the position of Company Secretary` & Compliance Officer with effect from the closing of business hours on August 11 2016.

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